The French public are resoundingly in favour of tightening the grip on the mega-wealthy. François Hollande, the Socialist frontrunner who polls say would win the second-round vote in May, has promised a 75% tax bracket on earnings after €1m. More than six out of 10 French people approve. Jean-Luc Mélenchon, the fire-brand leftist backed by the Communist party, has surged to third place in the polls with his promise to cap fat cat salaries at €360,000 (£300,000), after which income tax would be 100% and the state would “take it all”.
Even Sarkozy, known as “president of the rich” for his generous tax breaks to the wealthy, has restyled himself as “president of the people”, offering to cut tax loopholes and make French tax exiles who flee abroad pay back the difference to the French state.
The French people are more distrustful of capitalism than the Chinese, polls show. Two-thirds agree with the concept that the state should take from the rich to give to the poor. But many question whether the election rhetoric will succeed in rooting out a deeply unfair French system where the super-rich often manage to pay barely any tax at all, conducting startling tax dodges by hiring top accountants to pick through the myriad legal loopholes in their favour.
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